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Tuesday, April 07, 2009

Great Depression

Death of economics and the Great Depression IIAuthor: Dr Raju MathewPublished: Sun April 5, 2009 2:05 pm

INTERNATIONAL. The world is under a great financial and economic crisis. To almost all finance and management experts it is just a financial meltdown or a credit crisis or at the maximum a recession. But for the economists with strong backgrounds in Economic Theory, Policy and History, who are very limited in numbers, it is the Great Depression II, far more severe than the Great Depression of 1929.

CEOs and MDs

Economics has been denigrated into oblivion in the onslaught of the glittering courses of the Modern Business Schools and their high salaried and bonus earning graduates as CEOs and MDs or top managers, during the time of the just receded Boom, However, the present crisis brings back Economics into the forefront for drafting strategies and policies for making a speedy recovery. In the height of the crisis, as almost all the products of the Business Schools, including Harvard turned like ostrich dipping their heads in the sands. Now they are accused the prime culprits of the present crisis. Now they are treated as dirty as pick-pockets and street pimps for their greed and immorality.

Breach of Trust and Mismanagement

Almost all products of the B- Schools who are elevated to CEOs or MDs of big corporations in the banking, insurance and financial sectors are charged with breach of trust and mismanagement besides eating away the big bonuses and committing money laundry, presenting false and fabricated statements, for their greed and fraud .In their passion for glamour and glitter, they violated the basic principles of management due to their ignorance of the fundamentals of Political Economy, as their knowledge, more correctly information, is in capsule form without any deep understanding of theory, history and strategies.